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    "title": "1974/01/02 HR14600 Panama Canal Company Borrowing Authority",
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    "ocrText": "The original documents are located in Box 20, folder \"1975/01/02 HR14600 Panama Canal\nCompany Borrowing Authority\" of the White House Records Office: Legislation Case Files\nat the Gerald R. Ford Presidential Library.\nCopyright Notice\nThe copyright law of the United States (Title 17, United States Code) governs the making of\nphotocopies or other reproductions of copyrighted material. Gerald R. Ford donated to the United\nStates of America his copyrights in all of his unpublished writings in National Archives collections.\nWorks prepared by U.S. Government employees as part of their official duties are in the public\ndomain. The copyrights to materials written by other individuals or organizations are presumed to\nremain with them. If you think any of the information displayed in the PDF is subject to a valid\ncopyright claim, please contact the Gerald R. Ford Presidential Library.\nExact duplicates within this folder were not digitized.\nDigitized from Box 20 of the White House Records Office Legislation Case Files at the Gerald R. Ford Presidential Library\nAPPROVED\nACTION\nTHE WHITE HOUSE\nLast Day: January 4\nWASHINGTON\nDecember 30, 1974\nPosted\n1/3\nMEMORANDUM FOR\nTHE PRESIDENT\nTo Archines\nFROM:\nKEN COLE\n1/3\nSUBJECT:\nEnrolled Bill H.R. 14600\nPanama Canal Company Borrowing Authority\nAttached for your consideration is H.R. 14600, sponsored\nby Representative Sullivan and seven others, which\nincreases from $10 million to $40 million the amount\nwhich the Panama Canal Company may borrow from the Treasury,\nand changes the method of computing interest on funds borrowed.\nOMB recommends approval of this Administration proposal and\nprovides additional background information in its enrolled\nbill report (Tab A).\nMax Friedersdorf and Phil Areeda both recommend approval.\nRECOMMENDATION\nThat you sign H.R. 14600 (Tab B).\nSEAL N. FORD\nPRESIDENT\nEXECUTIVE OFFICE OF THE PRESIDENT\nOFFICE\nUNITED\nOFFICE OF MANAGEMENT AND BUDGET\nPENITYE\nSTATES\nWASHINGTON, D.C. 20503\nDEC 4 , 1974\nMEMORANDUM FOR THE PRESIDENT\nSubject: Enrolled Bill H.R. 14600 - Panama Canal Company\nBorrowing Authority\nSponsor - Rep. Sullivan (D) Missouri and 7 others\nLast Day for Action\nJanuary 4, 1975 - Saturday\nPurpose\nIncreases from $10 million to $40 million the amount which\nthe Panama Canal Company may borrow from the Treasury, and\nchanges the method of computing the interest on any funds\nborrowed.\nAgency Recommendations\nOffice of Management and Budget\nApproval\nPanama Canal Company\nApproval\nDepartment of the Army\nApproval\nDepartment of the Treasury\nNo objection\nDepartment of State\nNo objection\nDiscussion\nThe Panama Canal Company is a self-sustaining Government\ncorporation which is funded from tolls collected from vessels\ntransiting the Canal. A 1959 Act gave the Company authority\nto borrow up to $10 million from the Treasury if needed to\ncontinue operations during an emergency, such as a rockslide\nor a vessel accident. The borrowing authority has never been\nused. The enrolled bill would increase the amount that could\nbe borrowed to $40 million, and change the method of computing\nis\nFORD\nGERALD\n2\nthe interest on any funds that might be borrowed.\nH.R. 14600 is an Administration proposal that was enacted\nwithout change. The increase reflects the Company's estimate\nof the amount that would be needed to cover major repairs or\nsalvage costs and to keep the Company operational for 3 or 4\nmonths. Before the bill was introduced, the interest rate\nprovisions were revised at the suggestion of Treasury to\nconform to current Administration policy.\nIn its enrolled bill letter, the Company states:\n\" the increase\nrepresents a conservative\naction\nit is not anticipated that the\nCompany will actually draw on the increased\nborrowing authority except in extreme emergency\nsituations. The authorization will be utilized,\nas at present, to backstop the Company's\nobligations\n\"\nWe agree with the Company that the bill merits your approval.\nThe probability of an accident requiring emergency funds has\nincreased significantly since 1959 due to an increase in the\nnumber of vessels using the Canal and the fact that nearly\none-fourth of them are almost as wide as some of the locks.\nAssistant Director for\nLegislative Reference\nEnclosures\nR. FORD\nDEPARTMENT OF STATE\nWashington, D.C. 20520\nDecember 26, 1974\nHonorable Roy L. Ash\nDirector, Office of\nManagement and Budget\nDear Mr. Ash:\nThank you for your communication of December 23\nrequesting the views and recommendations of the\nDepartment of State on the Enrolled Bill\nH.R. 14600, \"To increase the borrowing authority\nof the Panama Canal Company and revise the method\nof computing interest thereon.\"\nThe Department of State does not object to the\npassage of this legislation.\nPlease continue to call on me whenever you believe\nI might be of assistance.\nCordially,\nLinivod Holton\nLinwood Holton\nAssistant Secretary\nfor Congressional Relations\nSTATE\nOF\nTHE TREASURY 3HL DEPARTMENT\nTHE GENERAL COUNSEL OF THE TREASURY\nWASHINGTON. D.C. 20220\n1789\nDEC 23 1974\nDirector, Office of Management and Budget\nExecutive Office of the President\nWashington, D. C. 20503\nAttention: Assistant Director for Legislative\nReference\nSir:\nReference is made to your request for the views of this\nDepartment on the enrolled enactment of H.R. 14600, \"To\nincrease the borrowing authority of the Panama Canal Company\nand revise the method of computing interest thereon.\"\nThe enrolled enactment would amend section 71 of title 2\nof the Canal Zone Code to increase the amount which the Panama\nCanal Company may borrow from the Treasury from $10 million\nto $40 million outstanding at any one time. The enrolled\nenactment would also revise the method of computing the rate\nof interest on amounts borrowed under the authority of\nsection 71 of title 2, Canal Zone Code from a rate computed on\nthe coupon rates prevailing on the last day of the month\npreceding the Company's borrowing to a rate determined by the\nSecretary of the Treasury, taking into consideration the average\nmarket yield on outstanding marketable obligations of the\nUnited States of comparable maturities during the month preceding\nthe issuance of the notes or obligations. This rate conforms\nto current Administration policy.\nThe Department would have no objection to a recommendation\nthat the enrolled enactment be approved by the President.\nSincerely yours,\nGeneral Counsel\nDEPARTMENT DE OF DE NSE\nDEPARTMENT OF THE ARMY\nWASHINGTON, D.C. 20310\nJUINT\nAMERICA\n27 DEC 1974\nHonorable Roy L. Ash\nDirector, Office of Management and Budget\nDear Mr. Ash:\nThe Secretary of Defense has delegated responsibility to the Department of the\nArmy for reporting the views of the Department of Defense on enrolled enact-\nment HR 14600, 93rd Congress, \"To increase the borrowing authority of the\nPanama Canal Company and revise the method of computing interest thereon.\"\nThe Department of the Army on behalf of the Department of Defense recommends\napproval of the enrolled enactment.\nThe title of the act states its purpose and what it will accomplish.\nThe enactment of this measure is recommended because section 71 of Title 2,\nCanal Zone Code, 76A Stat. 13, provides that the Panama Canal Company may\nborrow from the Treasury for corporate purposes up to $10 million. That\namount is the total that may be outstanding at any given time. Such loans\nare subject to interest at a rate determined by the Secretary of the Treas-\nury based on the coupon rates for comparable marketable obligations of the\nUnited States on the last day of the month preceding the Company's borrow-\ning. This borrowing authority was established by Public Law 86-200, approved\nAugust 25, 1959, 73 Stat. 428.\nThe potential requirement for emergency funds has significantly increased\nsince 1959. In that year, the $10 million available fund was equivalent\nto the average tolls income for vessel transits that would be generated over\n78 days. However, in Fiscal Year 1973, the borrowing limit equaled tolls\nincome the Panama Canal Company received in 32 days. Estimates for Fiscal\nYear 1974 predict tolls receipts of $10 million for each 31-day period. If\nfor any reason the Panama Canal were to become inoperable for more than a\nfew days under present conditions, the $10 million available from the\nTreasury would be inadequate to cover major repairs or salvage costs and\nalso keep the Canal organization operational as a self-sustaining enterprise.\nThe need to have immediate access to funds sufficient to meet any emergency\nsituation is essential.\nThe Board of Directors of the Panama Canal Company at its July 1972 meeting,\nafter considering the emergency contingency needs of the Company, adopted a\nHonorable Roy L. Ash\nresolution to seek legislation to increase the borrowing authority to $40\nmillion. Such a sum will assure adequate resources to react on a timely\nbasis to emergencies during periods when Congress is not in session.\nThe revision of the method of computing the rate of interest on amounts\nborrowed under the authority will place Canal Company borrowings on the same\ninterest rate formula now applicable to a large number of Federal agencies.\nApproval of the enactment will cause no apparent increase in budgetary re-\nquirements of the Department of Defense.\nThis report has been coordinated within the Department of Defense in ac-\ncordance with procedures prescribed by the Secretary of Defense.\nSincerely,\nHoward H. Collary\nHoward H. Callaway\nSecretary of the Army\nPANAMA CANAL COMPANY\n312 PENNSYLVANIA BUILDING\nWASHINGTON, D.C. 20004\nOFFICE OF\nTHE SECRETARY\nDecember 23, 1974\nHonorable Roy L. Ash\nDirector, Office of Management\nand Budget\nWashington, D.C. 20503\nDear Mr. Ash:\nThis is in response to your request for comment on H.R. 14600\nwhich would increase the borrowing authority of the Panama Canal\nCompany from the present limit of $10 million to $40 million. The\nlegislation would also change the method of computing the interest\nupon any funds the Company might borrow from the United States\nTreasury.\nThis legislation was proposed by the Panama Canal Company\nwith the full support of the Governor of the Canal Zone. It is\npointed out that since this borrowing authority was established\nin 1959, it has never been used by the Company and would pro-\nvide funding only in case of an emergency, such as the possible\nclosing of the Canal by reason of an accident involving a ship in\ntransit. Due to the increase in salaries and the cost of materials,\nthe cash requirements of the Company to cover expenses that are\nfixed or that, as a practical matter, are irreducible have grown\nfar beyond the needs of 1959. It is felt that an increase of the\nborrowing authority to $40 million represents a conservative action\nto meet potential emergency needs of the Company in the forseeable\nfuture.\nIt is not anticipated that the Company will actually draw on the\nincreased borrowing authority except in extreme emergency situa-\ntions. The authorization will be utilized, as at present, to back-\nstop the Company's obligations. Accordingly, enactment of the\nproposed legislation does not entail any forseeable expenditure\nof funds by the United States Government in the future.\nThe Panama Canal Company and the Canal Zone Government both\nrecommend signature of this bill by the President.\nSincerely yours,\nThomas MConstand\nThomas M. Constant\nSecretary, Panama Canal Company\nAssistant to the Governor of the\nCanal Zone\nEXECUTIVE OFFICE OF THE PRESIDENT\nOFFICE OF MANAGEMENT AND BUDGET\nWASHINGTON, D.C. 20503\nToNendrity\nDEC 4 , 1974\nMEMORANDUM FOR THE PRESIDENT\nSubject: Enrolled Bill H.R. 14600 - Panama Canal Company\nBorrowing Authority\nSponsor - Rep. Sullivan (D) Missouri and 7 others\nLast Day for Action\nJanuary 4, 1975 - Saturday\nPurpose\nIncreases from $10 million to $40 million the amount which\nthe Panama Canal Company may borrow from the Treasury, and\nchanges the method of computing the interest on any funds\nborrowed.\nAgency Recommendations\nOffice of Management and Budget\nApproval\nPanama Canal Company\nApproval\nDepartment of the Army\nApproval\nDepartment of the Treasury\nNo objection\nDepartment of State\nNo objection\nDiscussion\nThe Panama Canal Company is a self-sustaining Government\ncorporation which is funded from tolls collected from vessels\ntransiting the Canal. A 1959 Act gave the Company authority\nto borrow up to $10 million from the Treasury if needed to\ncontinue operations during an emergency, such as a rockslide\nor a vessel accident. The borrowing authority has never been\nused. The enrolled bill would increase the amount that could\nbe borrowed to $40 million, and change the method of computing\nTHE WHITE HOUSE\nWASHINGTON\nWARREN HENDRIKS\nMEMORANDUM FROM: Ven FOR: Laenford MAX L.\nFRIEDERSDORF\nSUBJECT:\nAction Memorandum - Log No. 863 B\nEnrolled Bill H. R. 14600\nThe Office of Legislative Affairs concurs in the attached proposal\nand has no additional recommendations\nAttachment\nCARD\nTHE WHITE HOUSE\nACTION MEMORANDUM\nWASHINGTON\nLOG NO.: 863\nDate:\nTime:\nDecember 27, 1974\n7:00 p.m.\nFOR ACTION:\nGeoff Shepard oh.\nCC (for information): Warren Hendriks\nNSC/S noobs\nJerry Jones\nPhil Areeda no obj on\nMax Friedersdorf\nFROM THE STAFF SECRETARY\nDUE: Date: Monday, December 30\nTime: 1:00 p.m.\nSUBJECT:\nEnrolled Bill H.R. 14600 Panama Canal Company\nBorrowing Authority\nACTION REQUESTED:\nFor Necessary Action\nX For Your Recommendations\nPrepare Agenda and Brief\nDraft Reply\nK\nFor Your Comments\nDraft Remarks\nREMARKS:\nPlease return to Judy Johnston, Ground Floor West Wing\nPLEASE ATTACH THIS COPY TO MATERIAL SUBMITTED.\nIf you have any questions or if you anticipate a\ndelay in submitting the required material, please\nK.R. COLE, JR.\ntelephone the Staff Secretary immediately.\nFor the President\nTHE WHITE HOUSE\nACTION MEMORANDUM\nWASHINGTON\nLOG NO.: 863\nDate:\nTime:\nDecember 27, 1974\n7:00 p.m.\nFOR ACTION:\nGeoff Shepard\n1\nCC (for information):\nWarren Hendriks\nNSC/S\nJerry Jones\nPhil Areeda\nMax Friedersdorf\nFROM THE STAFF SECRETARY\nDUE: Date: Monday, December 30\nTime: 1:00 p.m.\nSUBJECT:\nEnrolled Bill H.R. 14600 - Panama Canal Company\nBorrowing Authority\nACTION REQUESTED:\nX\nFor Necessary Action\nFor Your Recommendations\nPrepare Agenda and Brief\nDraft Reply\nX\nFor Your Comments\nDraft Remarks\nREMARKS:\nPlease return to Judy Johnston, Ground Floor West Wing\nApproval\nACS.\nPLEASE ATTACH THIS COPY TO MATERIAL SUBMITTED.\nIf you have any questions or if you anticipate a\ndelay in submitting the required material, please\nWarren K. Hendriks\ntelephone the Staff Secretary immediately.\nFor the President\nTHE WHITE HOUSE\nACTION MEMORANDUM\nWASHINGTON\nLOG NO.: 863\nDate:\nTime:\nDecember 27, 1974\n7:00 p.m.\nFOR ACTION:\nGeoff Shepard\ncc (for information):\nWarren Hendriks\nNSC/S\nJerry Jones\nPhil Areeda\nMax Friedersdorf\nFROM THE STAFF SECRETARY\nDUE: Date:\nMonday, December 30\nTime: 1:00 p.m.\nSUBJECT:\nEnrolled Bill H.R. 14600 - Panama Canal Company\nBorrowing Authority\nACTION REQUESTED:\nX\nFor Necessary Action\nFor Your Recommendations\nPrepare Agenda and Brief\nDraft Reply\nX\nFor Your Comments\nDraft Remarks\nREMARKS:\nPlease return to Judy Johnston, Ground Floor West Wing\nNo objections Preek OK\nPLEASE ATTACH THIS COPY TO MATERIAL SUBMITTED.\nIf you have any questions or if you anticipate a\ndelay in submitting the required material. please\nWarren K. Hendriks\ntelephone the Staff Secretary immediately.\nFor the President\n93D CONGRESS\nHOUSE OF REPRESENTATIVES\nREPORT\n2d Session\nNo. 93-1276\nINCREASING THE BORROWING AUTHORITY OF THE\nPANAMA CANAL COMPANY\nAUGUST 12, 1974.-Committed to the Committee of the Whole House on the\nstate of the Union and ordered to be printed\nMrs. SULLIVAN, from the Committee on Merchant Marine and\nFisheries, submitted the following\nREPORT\n[To accompany H.R. 14600]\nThe Committee on Merchant Marine and Fisheries, to whom was\nreferred the bill (H.R. 14600) to increase the borrowing authority of\nthe Panama Canal Company and revise the method of computing\ninterest thereon, having considered the same, report favorably thereon\nwithout amendment and recommend that the bill do pass.\nPURPOSE OF LEGISLATION\nThe purpose of H.R. 14600 is to increase the borrowing authority\nwhich the Panama Canal Company possesses to borrow from the\nUnited States Treasury. The present limit of the authority is $10\nmillion; this legislation will raise that limit to $40 million. The legisla-\ntion would also change the method of computing the interest upon\nany funds the Company might borrow from the Treasury. Presently,\nthat computation of interest is based upon the coupon rate of current\nmarketable obligations of the United States of comparable maturities\nas of the last day of the month preceding the Company's borrowing.\nH.R. 14600 would make the rate of interest dependent upon the\naverage market yield of these obligations for the preceding month.\nLEGISLATIVE BACKGROUND\nH.R. 14600 was introduced on May 6, 1974, by Mrs. Sullivan, for\nherself, Mr. Leggett, Mr. Murphy of New York, Mr. Stubblefield,\nMr. Metcalfe, Mr. Bowen, Mr. Grover, and Mr. Mosher. Hearings\non this legislation were held on April 24, 1974, prior to its introduction.\n38-006\n2\n3\nThe bill was ordered reported unanimously from the Panama Canal\nA major reason why tolls revenue and expenditures have increased so\nSubcommittee on May 16, 1974, and ordered reported unanimously\ngreatly in past years has been the increased usage of the Canal by\nby the Full Committee on Merchant Marine and Fisheries on August 6,\nvessels in interoceanic commerce. In 1952, for example, the first year\n1974. The need for this legislation derives from the financial obligations\nafter Panama Canal reorganization, there were 7,324 interoceanic\nof the Panama Canal Company and from the specific financial environ-\ntransits of the Canal; in 1972, there were 14,238 interoceanic transits.\nment within which the Panama Canal operates today.\nThis doubling of traffic has made necessary a constant increase in the\nThe Panama Canal Company operation is a cost recovery enterprise\nrapidity of the sequence with with vessels must move through the\nwhich derives the great majority of its revenues from the tolls on\nCanal. Also, this increase in Canal traffic has brought with it an in-\nvessels which transit the Canal. The revenues of the Company are\ncrease in the number of large vessels which move through that water-\nexpended for general administrative and operating expenses and for\nway. This year, nearly one-quarter of those vessels which will transit\nany capital projects which the Company might undertake after\nthe Canal will have beams with a width of 80 feet or more. Since the\nauthorization from Congress. Any disruption or significant decrease\nwidth of the Panama Canal locks is only 110 feet, the danger of a\nin Panama Canal traffic for any reason would place the Panama\nblockage, stoppage, or collision in the Canal has greatly increased. In\nCanal Company in a situation in which it might be difficult for that\nshort, notwithstanding the efficiency with which the Panama Canal is\norganization to meet its operating expenses. For this reason, a reserve\nrun and the excellent ship-handling skills of the Canal pilots, the\nborrowing fund was instituted many years ago in order to provide a\ndanger of a maritime accident in the Canal which could cause a\nsource of capital by which the Company could insure continued\nmajor blockage of that waterway and eliminate transit and tolls\noperation. In 1948, a special fund of $10 million was set up in the national\nrevenue for a significant period of time has multiplied.\nGiven the vital commercial importance and the national strategic\nTreasury consisting of contributions of revenue which had been\ninterest in the Panama Canal, it is imperative that the operation of\ndeposited by the Panama Canal Company and which were excess to\nthe Canal be continuous and efficient. The particular circumstances\nthe needs of the Company.\nwhich affect Canal transits today, as they have been enumerated\nIn 1959, Public Law 86-200 changed the basis of the borrowing\nabove, render even more important a satisfactory level of borrowing\nauthority. In lieu of any special fund set up in the Treasury by the\nauthority for the Panama Canal Company.\nPanama Canal Company, the Company was given authority to bor-\nA technical provision of H.R. 14600 would change the method by\nrow up to $10 million from the United States Treasury and then repay\nwhich the rate of interest on any money borrowed by the Company\nthe required amount at a rate of interest determined by the Secretary\nwould be determined. This change in determination of rate of interest\nof the Treasury taking into account the coupon rate on current mar-\nwas enumerated above. H.R. 14600 would in this respect place Canal\nketable obligations of comparable maturities as of the last day of the\nCompany borrowings from the Treasury on the same basis as that\nmonth preceding the Company's borrowing (Section 71 of Title II,\nwhich many other federal agencies experience, such as the Postal\nCanal Zone Code, 76A Stat. 13).\nService, the Federal Home Loan Banks, and the Federal Housing\nThe borrowing authorization under Public Law 86-200 has never\nAuthority.\nbeen used. The efficient operation of the Panama Canal and the\nAs mentioned previously, H.R. 14600 was recommended and is\nfortunate continuance of traffic without major interruption has al-\nfully supported by agencies of the Executive Branch. This legislation\nleviated the need to utilize the authorization.\nwas unanimously reported by your Committee.\nThe projected effectiveness of the financial protection of the $10\nmillion authority has decreased significantly from that time when the\nCOST OF LEGISLATION\nfund was first established. In 1952, for example, the total sum of tolls\nrevenue for the calendar year was $30.4 million, and $10 million was\nThe borrowing authority of the Panama Canal Company is a back-\nan amount equal to nearly four months of tolls revenue. In 1959, $10\nstop provision which to this date has never been used. Since the\nmillion was equivalent to 78 days of tolls revenue. Today it is equiva-\nPanama Canal Company is by statute a self-sustaining enterprise and\nlent to somewhat less than one month's revenue. In actuality, the\nsince any monies borrowed from the United States Treasury are to\n$10 million borrowing authority represents only about one-quarter\nbe re-paid by the Company at market rates, it is estimated that this\nof the financial protection originally provided by that sum when first\nlegislation will result in no additional cost to the government.\nestablished by statute.\nWhile the tolls revenue has risen SO have the general expenditures of\nDEPARTMENTAL REPORTS\nthe Panama Canal Company SO that the Panama Canal has continued\nto operate successfully on a cost recovery basis, but has not generated\nH.R. 14600 was the subject of an Executive Communication (No.\nexcess revenues since 1969.\n2204) from the Governor of the Canal Zone. The text of the Executive\nCommunication and agency reports on H.R. 14600 follow herewith:\nII.R. 1276\nH.R. 1276\n5\nThe bill as introduced would authorize the creation of a\n[Exec. Comm. No. 2204]\nfund which would include the $10 million referred to, plus\nPANAMA CANAL COMPANY,\nadditions to be made by the Board of Directors from time\nOFFICE OF THE PRESIDENT,\nto time, which fund would be available for the use of the\nBalboa Heights, Canal Zone, April 10, 1974.\nCompany. Accretions to the fund would decrease the base\nHon. CARL ALBERT,\nupon which interest is payable and withdrawals would in-\nSpeaker of the House of Representatives,\ncrease the base to the extent of the withdrawal. The com-\nWashington, D.C.\nmittee took the view that such a fund might be built up to\nDEAR MR. SPEAKER: Enclosed for consideration by the Congress\nfar more than the present $10 million figure in the course of\ntime and that to permit withdrawal of such increased amount\nis a proposed bill that would increase the amount of money that the\nPanama Canal Company is authorized to borrow from the Treasury\nwithout any control by the Congress was undesirable.\nfrom a present limitation of $10 million to not more than $40 million\nAccordingly, the bill was amended to authorize a borrow-\nand would revise the method of computing the rate of interest thereon.\ning authority of $10 million, with interest payable on the\namount borrowed. Since there had been no withdrawals\nSection 71 of Title 2, Canal Zone Code, 76A Stat. 13, provides that\nthe Panama Canal Company may borrow from the Treasury for corpo-\nfrom the original fund, the committee was of the opinion\nthat this limit was not likely to prove unduly restrictive.\nrate purposes up to $10 million. That amount is the total that may be\noutstanding at any given time. Such loans are subject to interest at a\nHowever, if future needs of the Company indicate that a larger\nsum would be desirable, application can be made to the Congress\nrate determined by the Secretary of the Treasury based on the coupon\nrates for comparable marketable obligations of the United States on\nfor enlargement of the authority. H.R. Rept. No. 86-655, at p.\nthe last day of the month preceding the Company's borrowing. This\n2 (1959). (Emphasis added.)\nborrowing authority was established by Public Law 86-200, approved\nThe Panama Canal Company has SO far not had need to exercise\nAugust 25, 1959, 73 Stat. 428.\nits authority to borrow from the Treasury. Nevertheless the potential\nPrior to the amendment of section 71 by Public Law 86-200, the\nrequirement for emergency funds has significantly increased since\nCompany was required to leave on deposit with the Treasury a special\n1959. In that year, the $10 million available fund was equivalent to\nfund amounting to $10 million. Any part of that sum could be with-\nthe average tolls income for vessel transits that would be generated\ndrawn and expended whenever the corporation determined that it\nover 78 days. In fiscal year 1973, the borrowing limit equaled tolls\nwas necessary. Under the prior law, however, the Company was\nincome received in 32 days. Estimates for fiscal year 1974 predict tolls\nobligated to pay interest on the entire $10 million even as it remained\nreceipts of $10 million for each 31-day period. The Canal organization\nintact in the Treasury. That anomaly was corrected when Congress\nis necessarily maintained at an operational level that can handle the\nsubstituted the present right to borrow out of general funds in the\nvessel traffic through the waterway. Due to the increase in salaries.\nTreasury.\nand the cost of materials, the cash requirements of the Company to\nThe fixing of the amount of the original emergency fund and the\ncover expenses that are fixed or that, as a practical matter, are irre-\nsubsequent borrowing authority at $10 million had been done some-\nducible have grown far beyond the needs of 1959. If for any reason\nwhat arbitrarily. It appears from the record that there had been\nthe Canal were to become inoperable for more than a few days under\nestablished in 1948 for the predecessor corporation (the Panama Rail-\npresent conditions, it is reasonably certain that the $10 million avail-\nroad Company) an emergency fund consisting of that amount of\nable from the Treasury would be inadequate to cover major repairs\nsurplus on hand that had accrued to the Railroad Company at that\nor salvage costs and also keep the agency operational as a self-sustain-\ntime as a result of funding depreciation reserves.\ning enterprise.\nPublic Law 86-200 as the bill was originally introduced would have\nThe basic danger of closure of the waterway stems from the passage\nprovided for payment of the Panama Canal Company's excess funds\nof large vessels and those with hazardous cargo. Inasmuch as the\ninto a special account in the Treasury from which the agency could\nCanal locks are only 110 feet wide and a considerable part of the chan-\nborrow. Money paid into the fund by the Company would have\nnel, which is used for two-way traffic, is limited to 500 feet, the marked\nreduced the interest bearing investment of the United States in the\nincrease in the beam of vessels arriving for transit is a valid measure\nCanal enterprise, and amounts borrowed from the fund would have\nof the seriousness of the problem. The record shows that 309 ships.\nserved to increase the interest base until the loan was repaid. The\nwith a beam greater than 80 feet transited the Canal in fiscal year 1959.\nfinal text of the bill, however, specified that the borrowing authority\nThe total in 1973 had increased to 3,205 such vessels. The projection\nwould be limited to $10 million, with interest payable on the amount\nfor 1974 is an estimate of 3,500 vessels with a beam in excess of 80\nborrowed.\nfeet.\nThe limitation was considered by the House Merchant Marine and\nThe Company has a well-trained force of highly skilled pilots, tug\nFisheries Committee to be adequate at that time, and the report on\nmasters, and other marine and locks personnel. It carries on a continu-\nthe bill noted that the agency could apply to Congress to have the\nous program of instruction in accident prevention. Every effort is\nlimitation increased when such a change seemed desirable. The Com-\nmade to minimize the possibility of a major marine disaster. Not-\nmittee report, in part, read as follows:\nwithstanding these precautions, however, the need to have immediate\naccess to funds sufficient to meet any emergency situation is essential.\nH.R. 1276\nH.R. 1276\n6\n7\nApproximately two-thirds of all cargo carried through the Panama\nDEPARTMENT OF THE ARMY,\nCanal originates in or is destined to the United States. Canal traffic\nWashington, D.C., May 13, 1974.\nconstitutes roughly 16 percent of all ocean-born commerce of the\nHon. LEONOR K. SULLIVAN,\nUnited States. Consequently, paralysis of canal operations, even for a\nChairman, Committee on Merchant Marine and Fisheries, House of\nshort period of time, must be avoided if possible.\nRepresentatives, Washington, D.C.\nAfter due consideration of the emergency contingency needs of the\nPanama Canal Company, the Board of Directors, at its July 1972\nDEAR MADAM CHAIRMAN: This will respond to your request to the\nmeeting, adopted a resolution to seek legislation to increase the bor-\nSecretary of Defense for the views of the Department of Defense on\nrowing authority to $40 million. In my view an increase of the borrow-\nH.R. 14600, 93d Congress, a bill \"To increase the borrowing authority\ning authority to $40 million represents a conservative action to meet\nof the Panama Canal Company and revise the method of computing\ninterest thereon.\"\npotential emergency needs of the Company in the foreseeable future.\nSuch a sum would assure adequate resources to react on a timely\nThe title of the bill states its purpose.\nbasis to emergencies during periods when Congress is not in session.\nThe Department of the Army favors the bill.\nSection 71 of Title 2, Canal Zone Code, 76A Stat. 13, provides that\nAt the suggestion of the General Counsel of the Treasury, the pro-\nposed legislation transmitted herewith would also revise the method\nthe Panama Canal Company may borrow from the Treasury for\nof computing the rate of interest on amounts borrowed under the au-\ncorporate purposes up to $10 million. That amount is the total that\nthority of section 71 of Title 2, Canal Zone Code. This section presently\nmay be outstanding at any given time. Such loans are subject to in-\nprovides that the interest rate shall be computed on the coupon rates.\nterest at a rate determined by the Secretary of the Treasury based on\nprevailing on the last day of the month preceding the Company's\nthe coupon rates for comparable marketable obligations of the\nborrowing. According to the General Counsel of the Treasury that\nUnited States on the last day of the month preceding the Company's\nformula \"is technically deficient and not in accord with current Ad-\nborrowing. This borrowing authority was established by Public Law\nministration policy.\" He suggests that the interest formula should be\n86-200, approved August 25, 1959, 73 Stat. 428.\nbased on current market yields averaged over the month preceding\nThe potential requirement for emergency funds has significantly\nany borrowing by the Company. The attached proposed bill would\nincreased since 1959. In that year, the $10 million available fund was\naccomplish this purpose. Such a revision of the formula, if enacted,\nequivalent to the average tolls income for vessel transits that would\nwould place Canal Company borrowings on the same interest rate\nbe generated over 78 days. However, in Fiscal Year 1973, the borrow-\nformula now applicable to a large number of Federal agencies which\ning limit equaled tolls income the Panama Canal Company received\nhave authority to borrow from Treasury.\nin 32 days. Estimates for Fiscal Year 1974 predict tolls receipts of\nIt is not anticipated that the Panama Canal Company will actually\n$10 million for each 31-day period. If for any reason the Panama\ndraw on the increased borrowing authority except in extreme emer-\nCanal were to become inoperable for more than a few days under\ngency situations. The authorization will be utilized, as at present, to\npresent conditions, the $10 million available from the Treasury\nbackstop the Company's obligations. Accordingly, enactment of the\nwould be inadequate to cover major repairs or salvage costs and also\nproposed legislation does not entail any foreseeable expenditure of\nkeep the Canal organization operational as a self-sustaining enter-\nfunds by the United States Government in the future.\nprise. The need to have immediate access to funds sufficient to meet\nThe Office of Management and Budget advises that it has no ob-\nany emergency situation is essential.\njection to the presentation of this legislative proposal.\nThe Board of Directors of the Panama Canal Company at its July\nSincerely yours,\n1972 meeting, after considering the emergency contingency needs of\nDAVID S. PARKER, President.\nthe Company, adopted a resolution to seek legislation to increase the\nEnclosure.\nborrowing authority to $40 million. Such a sum would assure adequate\nresources to react on a timely basis to emergencies during periods\nA BILL To increase the borrowing authority of the Panama Canal Company and\nwhen Congress is not in session.\nrevise the method of computing interest thereon\nA revision of the method of computing the rate of interest on\namounts borrowed under the authority would place Canal Company\nBe it enacted by the Senate and the House of Representatives of the\nborrowings on the same interest rate formula now applicable to a\nUnited States of America in Congress assembled, That section 71 of\nlarge number of Federal agencies.\nTitle 2 of the Canal Zone Code is amended as follows:\nFor the foregoing reasons, the Department of the Army strongly\n1. By striking out from the first sentence \"$10,000,000\" and\nrecommends that the bill be favorably considered.\ninserting in lieu thereof \"$40,000,000\".\nThe enactment of this bill will cause no apparent increase in budg-\n2. By striking out the third sentence and inserting in lieu\netary requirements of the Department of Defense.\nthereof \"Such notes or other obligations shall bear interest at a.\nThe Office of Management and Budget advises that, from the stand-\nrate determined by the Secretary of the Treasury, taking into\npoint of the Administration's program, there is no objection to the\nconsideration the average market yield on outstanding marketable-\npresentation of this report for the consideration of the Committee.\nobligations of the United States of comparable maturities during\nSincerely,\nthe month preceding the issuance of the notes or other obligations.'\nHERMAN R. STAUDT,\nActing Secretary of the Army.\nH.R. 1276\nH.R. 1276\n8\n9\nCOMPTROLLER GENERAL OF THE UNITED STATES,\nWashington, D.C., May 14, 1974.\nSECTION 71 OF TITLE 2, CANAL ZONE CODE\nHon. LEONOR K. SULLIVAN,\nChairman, Committee on Merchant Marine and Fisheries, House\n§71. Borrowing from Treasury\nof Representatives, Washington, D.C.\nThe Panama Canal Company may borrow from the Treasury, for\nDEAR MADAM CHAIRMAN: With respect to your request of May 8,\nany of the purposes of the Company, not more than [$10,000,000]\n1974, for our consideration of H.R. 14600, 93d Congress, a bill to\n$40,000,000 outstanding at any time. For this purpose, the Company\nincrease the borrowing authority of the Panama Canal Company\nmay issue to the Secretary of the Treasury its notes, or other obliga-\nand revise the method of computing interest thereon, this to advise\ntions, which shall have maturities agreed upon by the Company and the\nthat we have no comment to offer.\nSecretary of the Treasury, but shall be redeemable at the option of\nSincerely yours,\nthe Company before maturity in such manner as may be stipulated in\nROBERT F. KELLER,\nthe obligations. [Each obligation shall bear interest at a rate deter-\nActing Comptroller General\nmined by the Secretary of the Treasury, taking into consideration the\nof the United States.\ncurrent average rate on current marketable obligations of the United\nStates of comparable maturities as of the last day of the month\nTHE GENERAL COUNSEL OF THE TREASURY,\npreceding the issuance of the obligation of the Company.] Such\nWashington, D.C., May 15, 1974.\nnotes or other obligations shall bear interest at a rate determined by the\nHon. LEONOR K. SULLIVAN,\nSecretary of the Treasury, taking into consideration the average market\nChairman, Committee on Merchant Marine and Fisheries, House of\nyield on outstanding marketable obligations of the United States of com-\nRepresentatives, Washington, D.C.\nparable maturities during the month preceding the issuance of the notes or\nother obligations. The Secretary of the Treasury shall purchase obliga-\nDEAR MADAM CHAIRMAN: Reference is made to your request for\ntions of the Company to be issued under this section, and for such\nthe views of this Department on H.R. 14600, \"To increase the borrow-\ning authority of the Panama Canal Company and revise the method of\npurpose the Secretary of the Treasury may use as a public-debt\ntransaction the proceeds from the.sale of any securities issued pur-\ncomputing interest thereon.\"\nThe bill would amend section 71 of title 2 of the Canal Zone Code\nsuant to the Second Liberty Bond Act, as amended, and the purposes\nto increase the amount which the Panama Canal Company may\nfor which securities may be issued pursuant to the Second Liberty\nborrow from the Treasury from $10 million to $40 million outstanding\nBond Act, as amended, are extended to include any purchases of the\nCompany's obligations pursuant to this section.\nat any one time. The bill would also revise the method of computing\nthe rate of interest on amounts borrowed under the authority of sec-\ntion 71 of title 2, Canal Zone Code from a rate computed on the coupon\nrates prevailing on the last day of the month preceding the Company's\nborrowing to a rate determined by the Secretary of the Treasury,\ntaking into consideration the average market yield on outstanding\nmarketable obligations of the United States of comparable maturities\nduring the month preceding the issuance of the notes or obligations.\nThis rate conforms to current Administration policy.\nThe Department has no objection to the bill.\nThe Department has been advised by the Office of Management and\nBudget that there is no objection from the standpoint of the Admin-\nistration's program to the submission of this report to your Committee.\nSincerely yours,\nEDWARD C. SCHMULTS,\nGeneral Counsel.\nCHANGES IN EXISTING LAW\nIn compliance with clause 3 of rule XIII of the Rules of the House\nof Representatives, as amended, changes in existing law made by the\nbill, as reported, are shown as follows (existing law proposed to be\nomitted is enclosed in black brackets, new matter is printed in italic,\nexisting law in which no change is proposed is shown in roman):\nH.R. 1276\nH.R. 1276\nCalendar No. 1325\n93D CONGRESS\nSENATE\nREPORT\n2d Session\nNo. 93-1397\nAN ACT TO INCREASE THE BORROWING AUTHORITY\nOF THE PANAMA CANAL COMPANY\nDECEMBER 17, 1974.-Ordered to be printed\nMr. MAGNUSON, from the Committee on Commerce,\nsubmitted the following\nREPORT\n[To accompany H.R. 14600]\nThe Committee on Commerce, to which was referred the bill (H.R.\n14600) having considered the same, reports favorably thereon with-\nout amendment and recommends that the bill do pass.\nThe Committee on Commerce, to which was referred the Bill (H.R.\n14600) to increase the borrowing authority of the Panama Canal Com-\npany and revise the method of computing interest on the amount bor-\nrowed, having considered the same, reports favorably thereon with-\nout amendment and recommends that the Act do pass.\nSUMMARY OF PROPOSED LEGISLATION\nH.R. 14600 would increase the borrowing authority of the Panama\nCanal Company. At present, the limit of this authority is $10 million.\nThis legislation would raise that limit to $40 million. The legislation\nwould also change the method of computing the interest upon any\namount which the Company might borrow from the Treasury. The\npresent method of computation of interest is based upon the coupon\nrate of current marketable obligations of the United States of com-\nparable maturities as of the last day of the month preceding the Com-\npany's borrowing. H.R. 14600 would make the rate of interest de-\npendent upon the average market yield of these obligations for the\npreceding month.\nBACKGROUND\nThe Panama Canal Company operation is a cost recovery enterprise\nderiving a majority of its revenues from the tolls imposed on ships\nwhich transit the Canal. The revenues of the Company are utilized for\ngeneral administrative and operating expenses and for any capital\n38-010\n2\n3\nprojects which the Company might undertake after authorization\nAGENCY COMMENTS\nfrom Congress. Any disruption or significant decrease in Panama\nCanal traffic for any reason would place the Company in a situation\nThe comments of the agencies and departments received by the com-\nmittee follow\nin which it might be difficult to meet its operating expenses. For this\nreason, a reserve borrowing fund was instituted many years ago in\nDEPARTMENT OF THE ARMY,\norder to provide a source of capital by which the Company could in-\nWashington, D.C., September 27, 1974\nsure continued operation.\nHon. WARREN G. MAGNUSON,\nIn 1948, a special fund of $10 million was set up in the Federal\nChairman, Committee on Commerce,\nTreasury consisting of contributions of revenue which had been de-\nU.S. Senate, Washington, D.C.\nposited by the Company and which were excess to the needs of the\nDEAR MR. CHAIRMAN This will respond to your request to the Sec-\nCompany.\nretary of Defense for the views of the Department of Defense on H.R.\nIn 1959, Public Law 86-200 changed the basis of the borrowing au-\n14600, 93d Congress, a bill \"To increase the borrowing authority of the\nthority. In lieu of any special fund set up in the Treasury by the Com-\nPanama Canal Company and revise the method of computing interest\npany, the Company was given authority to borrow up to $10 million\nthereon.\"\nfrom the United States Treasury and to repay the amount at a rate of\nThe title of the bill states its purpose.\ninterest determined by the Secretary of the Treasury.\nThe Department of the Army favors the bill.\nThe borrowing authorization under Public Law 86-200 has never\nSection 71 of Title 2, Canal Zone Code, 76A Stat. 13, provides that\nbeen used because of the efficient operation of the Canal and also be-\nthe Panama Canal Company may borrow from the Treasury for\ncause of good fortune in that there have been no serious natural dis-\ncorporate purposes up to $10 million. That amount is the total that\nasters or ship collisions or groundings which have delayed or stopped\nmay be outstanding at any given time. Such loans are subject to in-\ntraffic through the Canal for a sufficient period of time to effect sub-\nterest at a rate determined by the Secretary of the Treasury based\nstantially the collection of tolls.\non the coupon rates for comparable marketable obligations of the\nHowever, the $10 million limitation of the borrowing authority is\nUnited States on the last day of the month preceding the Company's\nno longer adequate. Since 1959 construction and labor costs have risen\nborrowing. This borrowing authority was established by Public Law\nastronomically and should a major interruption of traffic occur, this\n86-200, approved August 25, 1959, 73 Stat. 428.\namount would, in all likelihood, be insufficient to provide for restora-\nThe potential requirement for emergency funds has significantly in-\ntion of normal traffic through the Canal.\ncreased since 1959. In that year, the $10 million available fund was\nToll revenues and expenditures have increased greatly in past years\nequivalent to the average tolls income for vessel transits that would be\nbecause of the increased usage of the Canal by vessels in interoceanic\ngenerated over 78 days. However, in Fiscal Year 1973, the borrowing\ncommerce. In 1952 there were 7,324 interoceanic transits of the Canal;\nlimit equaled tolls income the Panama Canal Company received in\nin 1972 there were 14,238 such transits. In effect, traffic has doubled in\n32 days. Estimates for fiscal year 1974 predict tolls receipts of $10\ntwenty years. Also, the number of large vessels using this waterway\nmillion for each 31-day period. If for any reason the Panama Canal\nhas increased. This year, nearly 25 per cent of those vessels which tran-\nwere to become inoperable for more than a few days under present\nsit the Canal will have beams with a width of 80 feet or more. The\nconditions, the $10 million available from the Treasury would be in-\nwidth of the Panama Canal locks, however, is only 110 feet. Therefore,\nadequate to cover major repairs or salvage costs and also keep the\nthe danger of a blockage, stoppage or collision in the Canal has in-\nCanal organization operational as a self-sustaining enterprise.\ncreased greatly.\nThe need to have immediate access to funds sufficient to meet any\nBecause of the vital commercial importance and the strategic in-\nemergency situation is essential.\nterest of the United States in the Panama Canal, it is necessary that\nThe Board of Directors of the Panama Canal Company at its July\nthe operation of the Canal be continuous and efficient. Therefore, the\n1972 meeting, after considering the emergency contingency needs of\nPanama Canal Company requires an increase in its borrowing author-\nthe Company, adopted a resolution to seek legislation to increase the\nity in order to insure that the Canal remain open at all times to inter-\nborrowing authority to $40 million. Such a sum would assure adequate\noceanic traffic.\nresources to react on a timely basis to emergencies during periods\nH.R. 14600 would also place Canal Company borrowings from the\nwhen Congress is not in session.\nTreasury on the same basis which many other Federal agencies\nA revision of the method of computing the rate of interest on\nexperience.\namounts borrowed under the authority would place Canal Company\nCOST\nborrowings on the same interest rate formula now applicable to a\nlarge number of Federal agencies.\nThe Panama Canal Company is, by statute, a self-sustaining opera-\nFor the foregoing reasons, the Department of the Army strongly\ntion and since any funds which the Company might borrow from the\nrecommends that the bill be favorably considered.\nUnited States Treasury pursuant to this legislation must be repaid,\nThe enactment of this bill will cause no apparent increase in budg-\nthe enactment of this legislation will result in no additional cost to the\netary requirements of the Department of Defense.\ngovernment.\nS.R. 1397\nS.R. 1397\n4\n5\nThe Office of Management and Budget advises that, from the stand-\nThe Office of Management and Budget advises that from the stand-\npoint of the Administration's program, there is no objection to the\npoint of the administration's program there is no objection to the sub-\npresentation of this report for the consideration of the Committee.\nmission of this report.\nSincerely,\nCordially,\nHERMAN R. STAUDT,\nLINWOOD HOLTON,\nActing Secretary of the Army.\nAssistant Secretary for Congressional Relations.\nTHE GENERAL COUNSEL OF THE TREASURY,\nCOMPTROLLER GENERAL OF THE UNITED STATES,\nWashington, D.C., September 24, 1974.\nWashington, D.C., September 26, 1794.\nHon. WARREN G. MAGNUSON,\nA-60428\nChairman, Committee on Commerce,\nHon. WARREN G. MAGNUSON,\nU.S. Senate, Washington, D.C.\nChairman, Committee on Commerce,\nDEAR MR. CHAIRMAN: Reference is made to your request for the\nU.S. Senate.\nviews of this Department on H.R. 14600, \"To increase the borrowing\nDEAR MR. CHAIRMAN With respect to your request of September 11,\nauthority of the Panama Canal Company and revise the method of\n1974, for our consideration of H.R. 14600, 93d Congress, a bill to in-\ncomputing interest thereon.\"\ncrease the borrowing authority of the Panama Canal Company and\nThe bill would amend section 71 of title 2 of the Canal Zone Code to\nrevise the method of computing interest thereon, this is to advise that\nincrease the amount which the Panama Canal Company may borrow\nwe have no comment to offer.\nfrom the Treasury from $10 million to $40 million outstanding at any\nSincerely yours,\none time. The bill would also revise the method of computing the rate\nR. F. KELLER,\nof interest on amounts borrowed under the authority of section 71 of\nDeputy Comptroller General of the United States.\ntitle 2, Canal Zone Code from a rate computed on the coupon rates pre-\nvailing on the last day of the month preceding the Company's borrow-\no\ning to a rate determined by the Secretary of the Treasury, taking into\nconsideration. the average market yield on outstanding marketable\nobligations of the United States of comparable maturities during the\nmonth preceding the issuance of the notes or obligations. This rate con-\nforms to current Administration policy.\nThe Department has no objection to the bill.\nThe Department was advised by the Office of Management and\nBudget that there was no objection from the standpoint of the Admin-\nistration's program to the submission of an identical report on this\nbill to the House Committee on Merchant Marine and Fisheries.\nSincerely yours,\n,\nGeneral Counsel.\nDEPARTMENT OF STATE,\nWashington, D.C., September 24, 1974.\nHon. WARREN G. MAGNUSON,\nChairman, Committee on Commerce, U.S. Senate,\nWashington, D.C.\nDEAR MR. CHAIRMAN: Thank you for your letter of September 11\nrequesting State Department comments on H.R. 14600, legislation to\nincrease the borrowing authority of the Panama Canal Company and\nrevise the method of computing interest thereon.\nThe Department of State has no objection to the enactment of this\nlegislation.\nS.R. 1397\nS.R. 1397\nH. R. 14600\nAinety-third Congress of the United States of America\nAT THE SECOND SESSION\nBegun and held at the City of Washington on Monday, the twenty-first day of January,\none thousand nine hundred and seventy-four\nAn Act\nTo increase the borrowing authority of the Panama Canal Company and revise\nthe method of computing interest thereon.\nBe it enacted by the Senate and House of Representatives of the\nUnited States of America in Congress assembled, That section 71 of\ntitle 2 of the Canal Zone Code is amended as follows:\n(1) By striking out from the first sentence \"$10,000,000\" and insert-\ning in lieu thereof \"$40,000,000\".\n(2) By striking out the third sentence and inserting in lieu thereof\n\"Such notes or other obligations shall bear interest at a rate deter-\nmined by the Secretary of the Treasury, taking into consideration the\naverage market yield on outstanding marketable obligations of the\nUnited States of comparable maturities during the month preceding\nthe issuance of the notes or other obligations.\".\nSpeaker of the House of Representatives.\nVice President of the United States and\nPresident of the Senate.\nDecember 24, 1974\nDear Mr. Director:\nThe following bills were received at the White House on December 24th:\nS.J. Res. 40\nB. 3481\nN.R. 8958\nH.R. 14600\nS.J. Res. 133\nB. 3548\nH.R. 8981\nH.R. 14689\nS.J. Res. 262\nS. 3934\nH.R. 9182\nH.R. 14718\nS. 251\nS. 3943\nH.R. 9199\nH.R. 15173\nS. 356\nS. 3976\nH.R. 9588\nH.R. 15223\nS. 521\nS. 4073\nH.R. 9654\nH.R. 15229\nS. 544\nS. 4206\nH.R. 10212\nH.R. 15322\nS. 663\nH.J. Res. 1178\nH.R. 10701\nH.R. 15977\nS. 754\nH.J. Res. 1180\nH.R. 10710\nH.R. 16045\nS. 1017\nM.R. 421\nH.R. 10827\nH.R. 16215\nS. 1083\nM.R. 1715\nH.R. 11144\nH.R. 16596\nvs. 1296\nH.R. 1820\nH.R. 11273\nH.R. 16925\nS. 1418\nN.R. 2208\nH.R. 11796\nM.R. 17010\nS. 2149\nH.R. 2933\nH.R. 11802\nH.R. 17045\nS. 2446\nH.R. 3203\nH.R. 11847\nM.R. 17085\nS. 2807\nH.R. 3339\nM.R. 11897\nH.R. 17468\nS. 2854\nH.R. 5264\nH.R. 12044\nH.R. 17558\nS. 2888\nK.R. 5463\nH.R. 12113\nN.R. 17597\nS. 2994\nH.R. 5773\nH.R. 12427\nH.R. 17628\nS. 3022\nH.R. 7599\nH.R. 12884\nH.R. 17655\nS. 3289\nH.R. 7684\nH.R. 13022\nS. 3358\nH.R. 7767\nH.R. 13296\nS. 3359\nH.R. 8214\nH.R. 13869\nS. 3394\nH.R. 8322\nH.R. 14449\nS. 3433\nH.R. 8591\nH.R. 14461\nPlease let the President have reports and recommendations as to the\napproval of these bills as soon as possible.\nSincerely,\nRobert D. Linder\nChief Executive Clerk\nThe Honorable Roy L. Ash\nDirector\nOffice of Management and Budget\nWashington, D. C."
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